Tesla: Electric carmaker's shares slide after Musk warns of slowdown

Shares in Tesla slumped by more than 12% on Thursday after it warned its sales growth would be weaker this year than in 2023.

That wiped around $80bn (£63bn) off the company's stock market value.

The electric carmaker, which is led by multi-billionaire Elon Musk, said its sales growth "may be notably lower" in 2024 despite cutting prices.

Tesla's annual earnings, which were announced on Wednesday, also came in below Wall Street expectations.

The company has been cutting prices in key markets around the world, including Europe and China, as it faces tough competition from Chinese rivals such as BYD, as well as traditional carmakers.

Demand has also been dampened by persistently high borrowing costs as central banks around the world keep interest rates high as they try to curb inflation.